Since the dawn of the Internet era, data has been aggregated en masse into incomprehensibly large data warehouses. Financial transactions, browsing habits and internet searches, smartphone data, social media activity, blog comments, mobile messaging data, pictures and videos, email, and television watching habits – everything we do is cataloged and analyzed.
The business analytics and data scientist career fields were born of a need to sift through petabytes (one petabyte is a million gigabytes) of data in search of valuable business intelligence and insights that influence corporate decisions. There are quite a few things you can do with a business analytics degree. Among the many specialties associated with business analytics are marketing research analysts, operations research analysts, data and analytics managers, financial and budget analysts, cost estimators, statisticians, and visualization experts/modelers. An online masters in business data analytics may help prepare students to enter any of these fields.
Analyze Big Data: Become a Numbers Expert
Working with large amounts of data requires a keen interest in mathematical formulas and databases, as well as a desire to seek out highly focused business solutions based on a thorough analysis of all relevant data. Students who find math and analysis interesting may enjoy business analytics.
“Big Data is everywhere nowadays,” says CloudTweaks.com in its 2016 “6 Reasons Why Big Data Analytics Is A Smart Career Choice In 2017” blog post, “and if the industry forecasts are to be believed, then the Big Data Analytics market will continue to grow bigger and businesses [will] realize the importance of making data-driven decisions.” CloudTweaks.com also lists some primary reasons why business analytics is an outstanding career choice for students: the exponential growth rate of Big Data, a soaring demand for qualified professionals, and higher-than-average salaries.Learn More
Top Careers in Business Analytics
So what can you do with a business analytics degree? Students who are pursuing a career in analytics might gravitate toward several specialty roles.
Market Research Analyst
Market research is as old as money itself. In Medieval times, Asian traders learned that Europeans would pay a premium price for silk and spices, so they adjusted their trade route accordingly and the Silk Road was born. Modern market research is more refined and relies heavily on digital business analytics. The information provided by analytics makes market research far more effective today than it has ever been in the past.
“Essentially, it’s [the market research analyst’s] job to figure out which products are in demand, how to promote them, who would buy them, and how much people would be willing to pay,” writes labor market data expert Gwen Burrow in her 2014 Emsi blog article “The Marketability of Market Research Analysts.”
Operations Research Analyst
Operations research began as a military occupational specialty created to analyze and optimize battle strategies during World War II. It didn’t take long, however, for operations research practices to be adapted to the business world. In the digital age, operations research analysts are a bridge of efficiency between a company’s raw resources and a more intelligently guided managerial staff.
The purpose of an operations analyst is to assist in the decision-making processes of company leadership. “The primary role of the operations analyst is to manage the job schedule,” explains tech writer Carol Francois in Wisegeek.com’s 2017 article “What Does an Operations Analyst Do?” “Regardless of the size of an organization,” Francois writes, “there is a limit to the resources available. The management of the schedule ensures that all the necessary jobs are run, without colliding or crashing system resources.”
Rather than working under superiors within a company’s organization (like operations research analysts), management analysts are tasked with analyzing the effectiveness and efficiency of a company’s leadership. Often, this takes the form of an outside consultation service. The business consulting industry already existed as a premium business service for more than 100 years before Big Data and the rising popularity of analytics changed everything. Now, as analytics technology improves, consulting firms are able to devote their expert human strategists to highly specialized areas rather than requiring a broader scope of practice.
The digitization of the more mundane tasks allows for consultants to concentrate on more specific problems. “Consultancies are shifting from integrated-solution shops to modular providers, which specialize in supplying one specific link in the value chain,” say business experts Clayton M. Christenson, Dina Wang, and Derek van Bever in the 2013 Harvard Business Review article “Consulting on the Cusp of Disruption.”
The Next Wave of Predictive Analytics
Unfortunately, the first wave of AI programs was underwhelming. Technology still had to mature a little before we tried again. Now, iterative machine learning algorithms are evolving at an exponential rate. The business analytics industry is positioned to benefit from machine learning. Predictive models are now created automatically out of analyzed data sets. A probability number is assigned to potential outcomes based on previous, known data. Business analytics professionals can then use the predictions to better serve their employer or client. One way predictive analytics is already being used is in survey analysis. Machine learning opens up formerly impossible methods of dividing markets and consumers into smaller, more targeted demographics (segmentation).
“Predictive analytics, particularly in those companies that hold large customer information warehouses, can append information to survey data to add segmentation value,” says Multivariate Solutions President Michael Lieberman in his 2016 “Big Data and Marketing Research” article on GreenBookBlog.org, “In addition, survey researchers can use data mining from such warehouses to create custom reports or segmentations.”
Survey analysis might only be useful to market research analysts, but management analysts and operations research analysts are using the same machine learning principles in ways that apply directly to their fields. With the volume of data that has been collected over the past two decades, the possibilities are endless.
Go Beyond Crunching Numbers — Study Business Data Analytics at Maryville
At Maryville University, students learn how to handle massive amounts of critical business data using advanced analytical tools, making them invaluable to business decision-makers and corporations. Enroll in Maryville University’s online Master’s of Science in Business Data Analytics program and turn your knack for numbers into a data analytics skill.